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(a) Board of Directors.—The board of directors is the governing body of the corporation. The board shall consist of at least 15 directors elected annually by the members. (b) Officers.—The officers of the corporation are a chairman of the board, a president, one or more vice presidents, a secretary, a treasurer, and any assistant officers designated by the board. The officers have the powers and shall carry out the duties provided in the bylaws or prescribed by the board. (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1323.) Historical and Revision Notes RevisedSectionSource (U.S. Code)Source (Statutes at Large) 30704(a)36:507.July 19, 1954, ch. 536, §§ 7, 8, 68 Stat. 491. 30704(b)36:508.  In subsection (a), the words “The board of directors is the governing body of the corporation” are substituted for “The corporation shall be governed by a board of directors” for consistency in the revised title. In subsection (b), the words “from time to time” are omitted as unnecessary.

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